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In June 2014, the Auditing and Assurance Standards Board (AASB) issued a new Canadian Standard on Related Services (CSRS) 4460
Reports on Supplementary Matters Arising from an Audit or a Review Engagement. CSRS 4460 helps to address an increasing trend by various third parties, including regulators, to place responsibility on the practitioner to report on matters beyond the scope of the audit or review of an entity’s financial statements. Such matters, referred to as ‘supplementary matters’ may have come to the attention of the practitioner when performing the audit or review but is not within the scope of the auditors’ report or review engagement report.
Main Features of CSRS 4460
Scope CSRS 4460 is applicable to other reporting engagements that have all of the following elements:
Other reporting engagements may include:
Acceptance of the Engagement
Performance of the Engagement
Reporting on Supplementary Matters
CSRS 4460 is effective for reports dated on or after April 1, 2016.
The Chartered Professional Accountants Canada (“CPA Canada”) has developed and released a number of documents related to CSRS 4460.
Audit & Assurance Alert The alert discusses considerations that will help a practitioner determine if they have engagements that fall within the scope of CSRS 4460 and understand how to prepare for them.
The alert can be accessed by clicking
Client Briefing for Practitioners The briefing helps practitioners and clients understand what’s involved when the client receives a third party request for a report on supplementary matters within the scope of CSRS 4460. It has been designed to assist in a practitioner’s discussions with their client, and in the client’s discussions with the third party requesting the report. The briefing has been organized into three distinct sections, each aimed at a specific group of readers:
The briefing can be accessed by clicking
Implementation Tool for Practitioners The Chartered Professional Accountants Canada has developed an implementation tool to assist practitioners with the implementation of CSRS 4460. This tool provides:
This tool can be accessed by clicking
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of October 28, 2015. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2015. All rights reserved.
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